Reading time 8
What is WAX (WAXP)
WAX (Worldwide Asset eXchange) is a blockchain-based decentralized platform that enables the creation, buying, and selling of virtual assets. The WAX platform allows anyone to create their own virtual assets, and trade them securely with other users.
WAXP is the native cryptocurrency of the WAX blockchain. It is used as a utility token on the WAX platform to pay for transaction fees, transfer value, and access various services. The WAX blockchain is designed to provide fast and secure transactions, with a high degree of scalability, and low transaction fees.
WAX has gained popularity among gamers and collectors due to its focus on the virtual asset market. The platform is used to create and trade virtual items such as in-game items, digital collectibles, and even real-world items that are represented as NFTs (non-fungible tokens) on the blockchain.
In summary, WAX (WAXP) is a cryptocurrency used on the WAX blockchain for creating, buying, and selling virtual assets such as in-game items and digital collectibles.
The history of WAX (WAXP)
The WAX (Worldwide Asset eXchange) platform was founded in 2017 by William Quigley and Jonathan Yantis. The platform was designed to provide a marketplace for the buying and selling of virtual assets, with a focus on the gaming industry.
The WAX blockchain was launched in 2018, and WAXP became the native cryptocurrency of the platform. The WAX team aimed to create a blockchain that could handle a high volume of transactions quickly and efficiently, with low fees.
In 2019, WAX announced the launch of the WAX Cloud Wallet, which enabled users to store and manage their WAXP tokens, as well as other cryptocurrencies and virtual assets. The platform also partnered with major gaming companies, including OPSkins and Fortnite, to bring their virtual assets onto the WAX blockchain.
In early 2021, the WAX team launched the WAX NFT marketplace, which enables users to buy and sell NFTs (non-fungible tokens) representing virtual assets such as digital collectibles and in-game items. The marketplace has gained popularity among collectors and gamers, with several high-profile NFT sales taking place on the platform.
Overall, WAX has established itself as a leading platform for the trading of virtual assets, and its focus on the gaming industry has helped it to gain a strong user base. The future of WAXP will likely depend on the continued growth of the virtual asset market and the adoption of blockchain technology in the gaming industry.
How WAX (WAXP) works
WAX (Worldwide Asset eXchange) is a blockchain-based decentralized platform that enables the creation, buying, and selling of virtual assets. The platform uses its native cryptocurrency, WAXP, as a utility token to power transactions on the network.
The WAX blockchain is based on the EOSIO software, which provides a high degree of scalability, security, and speed. The platform uses a delegated proof-of-stake consensus mechanism, which means that users can stake their WAXP tokens to become block producers or vote for block producers to validate transactions on the network.
One of the key features of the WAX platform is its ability to create and trade virtual assets as NFTs (non-fungible tokens) on the blockchain. Users can create their own NFTs and sell them on the WAX NFT marketplace or trade them directly with other users.
WAX also provides a suite of tools and services for developers to create decentralized applications (dApps) on the platform. These include a developer portal, a marketplace for dApps, and a cloud wallet for storing and managing virtual assets.
WAXP is used as a utility token on the platform for various purposes, such as paying transaction fees, staking for block production, and accessing premium features and services.
In summary, WAX (WAXP) cryptocurrency works by powering transactions on the WAX blockchain, which is a decentralized platform for creating, buying, and selling virtual assets. The platform uses NFTs to represent virtual assets, and WAXP is used as a utility token to access various services and features on the platform.
Can WAX (WAXP) be trusted
WAX (Worldwide Asset eXchange) is built on a decentralized blockchain platform that is secured by cryptography and utilizes a delegated proof-of-stake consensus mechanism. This means that transactions on the WAX network are transparent, secure, and verifiable. Additionally, the WAX platform has been audited by third-party security firms to ensure its security and integrity.
Furthermore, WAX has established partnerships with major gaming companies and has a growing user base, which indicates a level of trust and adoption in the virtual asset market.
However, like any cryptocurrency, WAXP is subject to market volatility and risks associated with the adoption and regulatory environment of the blockchain industry. It is important to note that investing in cryptocurrencies is a high-risk activity and requires careful consideration and research before making any investment decisions.
Overall, while there are inherent risks associated with any cryptocurrency, WAX (WAXP) has demonstrated a level of security and adoption that may be indicative of trust in the platform. It is important for individuals to carefully evaluate their own risk tolerance and conduct their own due diligence before investing in any cryptocurrency, including WAXP.
How to get WAX (WAXP) step-by-step guide
Here is a step-by-step guide on how to get WAX (WAXP) cryptocurrency:
- Create a WAX Cloud Wallet: The first step is to create a WAX Cloud Wallet, which will allow you to store and manage your WAXP tokens. Go to the WAX Cloud Wallet website, click on “Create an account”, and follow the prompts to create your wallet.
- Buy WAXP on a cryptocurrency exchange: Once you have set up your WAX Cloud Wallet, you can buy WAXP on a cryptocurrency exchange. Some popular exchanges that support WAXP include Binance, KuCoin, and Huobi. To buy WAXP, you will need to create an account on one of these exchanges, complete the verification process, and fund your account with a supported cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH).
- Transfer WAXP to your WAX Cloud Wallet: After purchasing WAXP on an exchange, you can transfer the tokens to your WAX Cloud Wallet. To do this, go to your WAX Cloud Wallet, click on “Receive”, and copy your WAXP wallet address. Then, go to your cryptocurrency exchange, navigate to the WAXP wallet, and select “Withdraw”. Enter your WAXP wallet address and the amount of WAXP you want to transfer, and confirm the transaction.
- Manage your WAXP in your WAX Cloud Wallet: Once your WAXP tokens are in your WAX Cloud Wallet, you can manage them by sending or receiving tokens, staking for block production, and accessing various features and services on the WAX platform.
In summary, to get WAX (WAXP) cryptocurrency, you need to create a WAX Cloud Wallet, buy WAXP on a cryptocurrency exchange, transfer the tokens to your WAX Cloud Wallet, and manage them in your wallet.
